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Canada, cannabis and cryptocurrencies


Even though the crypto markets are still in hibernation, that does not mean that development will not continue. This applies, for example, to overlaps with other industries. I would like to introduce you today to such an overlap of blockchain and cryptocurrencies with the booming market for cannabis and CBD.

Let's take a look at Canada. The country legalized cannabis in October 2018. Since then, all adult Canadians can consume cannabis, grow a limited amount at home, and carry up to 30 grams in public. Nevertheless, there may be problems, such as when Canadians want to travel to other countries. Some countries refuse entry if they know that someone, even legally, has bought cannabis. Therefore, privacy in this area is especially important.

In Germany, products such as CBD oil can be bought legally, as you can see from the large number of offers. The reason for this is that CBD with a THC content below 0.2% does not fall under the Narcotics Act.

Cannabis needs privacy

The Canadian Data Protection Supervisor published a guide in December. In it, he recommends “taking appropriate physical, technical and organizational safeguards to protect personal information”.

In addition, the DPO emphasizes that cannabis purchasers should minimize the amount of personal information given to sellers. Payments by credit card are risky because the credit card number and the name of the cardholder are visible online. Finally, the privacy adviser advises that customers should inform themselves before purchasing whether their personal data will be stored online thereafter.

Cannabis and the Blockchain

Recommendations were also shared by eToro's market analyst Mati Greenspan. He said that the liberalization of Canada's cannabis market will boost the local use of privacy-enhancing coins. He said:

“That's pretty sure to drive the use of privacy coins … in Canada.”

Another problem of the new legislation is likely to be the management of the supply chain. It is about the traceability, verifiability and anti-counterfeiting security of the products. In this area, the block chain could be the key to the solution. The company DMG Blockchain also sees it that way. They are already developing solutions for the supply chain. This is currently being negotiated with licensed growers, quality assurance laboratories, retailers and government regulators. DMG describes itself as a diversified blockchain and cryptocurrency company. For example, DMG is working on complete solutions for the monetization of the blockchain environment.

Commenting on the commitment in the cannabis sector, DMG Blockchain CEO Dan Reitzik said:

“The emerging cannabis industry needs product management solutions and blockchain is the most logical choice. We want to be the first to offer a corporate-level solution and work with leading technology providers, cannabis producers, processors and distributors. “

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/canada-cannabis-und-kryptowaehrungen/

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